Land Transfer Tax Information When you buy land or an interest in land in Ontario, you pay Ontario’s land transfer tax. Land includes any buildings, buildings to be constructed, and fixtures (such as light fixtures, built-in appliances and cabinetry). Who pays land transfer tax? When you acquire a property or land, you pay land transfer tax to the province when the transaction closes. Land transfer tax is normally based on the amount paid for the land, in addition to the amount remaining on any mortgage or debt assumed as part of the arrangement to buy the land. In some cases, land transfer tax is based on the fair market value of the land, for example, where: the transfer of a lease with a remaining term that can exceed 50 years the transfer of land is from a corporation to one of its shareholders, or the transfer of land is to a corporation, if shares of the corporation are issued. First-time homebuyers If you are a first-time homebuyer, you may be eligible for a refund of all or part of the land transfer tax. Other land taxes Local municipalities charge a tax on the residential or business property you own. If […]

When buying a home, the neighbourhood you select will not only play a pivotal role in your family’s life, but in the resale value of the property. One person’s ideal neighbourhood however may vary greatly from another’s. But, regardless, there are some needs and wants that generally do not change. The distance from your new home to schools, churches and shopping, for example, will not only affect how you and your family settle into your new home, it will also draw or turn off a perspective buyer. A good first step is to enlist the services of a Realtor who works in the area you are thinking of moving. Realtors are very familiar with the communities in which they work and can answer many of the questions you will develop during your search. Check the lifestyle A home is a part of a larger community. And some are more desirable than others. Some communities are geared more to young families, others to older adults and still others to singles or an eclectic mix of residents. Never buy in an unfamiliar community or neighbourhood unless you have spent some time there both during the week and on weekends, day and night. […]

Don’t forget closing costs when buying a home Despite the low cost of carrying a mortgage these days, you should keep in mind “closing costs” in addition to your down payment for that dream home. These various charges can add up, and for the most part they are all legally required payments in buying a property. Here is a list of most of your major “closing costs.” Legal fees: Since a lawyer is an essential part of your home-buying team, the work provided involves fees. Most legal fees include searching the title of the property, arranging a property survey if necessary and handling other disbursements as required. Mortgage insurance and application fee: For any high ratio mortgage, which is any mortgage in which 75 or more per cent of the house’s purchase price is covered by the mortgage, the lender requires mortgage insurance. Mortgage broker’s fee: A mortgage broker may charge a fee to set up a mortgage for you. In some cases the fee may be included with the legal fees if your lawyer arranges the mortgage, or included in the lender’s fees if you deal directly with a lender such as a bank. Property insurance: This insurance covers the replacement value of […]

With today’s low interest rates, deciding to buy a home is one of the best decisions anyone can make. Financing such a big purchase, however, often means combining savings with money borrowed through a financial arrangement, commonly referred to as a mortgage. Mortgages allow you to pay back the principal, or amount borrowed, plus interest, in regular installments. The taxes on your home can also be added to the mortgage payments. Most mortgages are amortized over 25 years – that’s the length of time it takes for you to pay the debt off in full. For most home buyers, paying off the mortgage is a long-term commitment. That’s why it’s important to begin looking at options before buying, or before renegotiating your existing mortgage. When home buying, your Realtor can help you calculate how much mortgage you can afford and provide advice on the many options available. But even if you find yourself locked into a long-term mortgage you can afford, there may still be ways to pay it down and be mortgage-free sooner. Pre-payment options Most financial institutions now offer generous pre-payment options. Although many limit how often you can use an option, it is well checking into them […]

Arranging your mortgage doesn’t have to be a baffling experience Buying a home today is an extremely attractive proposition. Interest rates are at their lowest in decades and the housing market is full of homes to suit just about any budget or family requirement. Still, you’ll inevitably have to deal with financing and this will mean taking on a mortgage. Sorting through the numerous mortgage options available to today’s home buyers can be intimidating for everyone from first-time purchasers to long-time owners. The rules seem to change constantly and there’s a smorgasbord of terminologies to learn. Fear not–the basics are fairly simple and there are a host of real estate professionals more than willing to help, with your Realtor and bank’s mortgage specialist at the top of the list. Nonetheless, you’ll want to at least familiarize yourself with the mortgage process, how to arrange one and the different financing strategies involved. First, it’s necessary to know exactly which kinds of institutions will lend you money. Banks and trust companies lead the pack, but credit unions and private lenders also offer funds. There’s also an option to consult a mortgage broker. Brokers have access to a wide variety of lending sources, […]

Window coverings play a leading role in the interior of home. They can help set atmosphere and can be both attractive and functional. Windows now come in a variety of new shapes and sizes, which has put increased demand on window covering manufacturers to create new products. Many new and custom-built homes have windows that are rounded, or that stretch from floor to ceiling. For owners of older homes, installing new windows is often high on their “must do” list, and each window often requires a different application. Whatever the window shape, there are probably more window covering choices in terms of pattern, colour scheme, and design than ever before. Drapery Options Today, families look at their homes as a place to retreat. Some people have called it “cocooning.” This is reflected in the recent trend towards the traditional look, with the heavier fabrics and fuller drapes of days gone by. Drapes, with an interesting pattern and strong colour, are often combined with simple sheers or matching, lighter-weight balloon curtains. Drapes are popular when matched with a covered valance or when they flow into a gentle or full swag. Drapes can make a strong fashion statement when they are accented […]

Even on the dullest winter day, colour fills our lives. Look around and you’ll see a thousand shades of greens and browns, violets, greys, golds and blues. Colour is also part of our language. Few of us will dispute that it affects our moods and how we feel — red with anger, green with envy, yellow with fear. For these reasons, colour is also the decorator’s most powerful tool. No other design element has the quick impact or dramatic effect of colour. If you want to add appeal and value to your home, there is no faster and often cheaper way than by using colour. Whether it’s a quick, relatively inexpensive pick-me-up paint job, new window coverings, complimentary wallpaper borders, new carpets, floors or other interior/exterior home improvements, colour can transform any room, cupboard or furniture item. Before getting started, consider what you want to achieve. Do you want to make a room or window look larger or smaller, a ceiling higher or lower? Do you want the atmosphere to be lively or restful? Businesses, especially restaurants, often use colours such as bright, warm orange to enhance appetites. Manufacturers often use red to draw attention to packaging. Hospitals use restful […]

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